South Asia is on course for its worst economic performance in 40 years, with decades of progress in the battle against poverty at risk, because of coronavirus. | AP
It slashed its growth forecast for the region this year to 1.8-2.8 percent from its pre-pandemic projection of 6.3 percent, with at least half the countries falling into “deep recession”.
Regional heavyweight India, where the fiscal year began on April 1, will see growth of just 1.5-2.8 percent in its current financial year, down from an expected 4.8-5.0 percent for the year just ended, the bank predicted.The report also warned that the pandemic will reinforce inequality in the region, with the pandemic hitting informal workers with limited or no access to healthcare or social safety the hardest.
Governments need to “ramp up action to curb the health emergency, protect their people, especially the poorest and most vulnerable, and set the stage now for fast economic recovery,” the World Bank said. And once the crisis is over, governments need urgently to pursue “innovative policies” and jumpstart economies.
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